Are you Mortgage Stressed? Mortgage Distressed?

Mortgage stress: Generally when a homeowner’s mortgage repayment is more than 28% of their gross income. For example if you make the average income of these 100 cities of $50,723 per year, the amount of income paid towards monthly mortgage repayments if it was 28 percent of your income would be $1,183.50 on a $265,000 mortgage. Mortgage stress is present throughout the nation, but there are some major U.S. cities that have higher mortgage stress rates than others. Interest costs and the prices of homes are inflating, and salaries and wages are struggling to keep up.

Mortgage Distress:  Having trouble making your mortgage payments? Not enough equity in your home to sell and pay off your mortgage? It can be overwhelming… and even more so when you have always paid your bills on time and feel so helpless because of factors outside your control.  You are not alone.  In spite of the decline in foreclosures, there was no decline in the the number of homeowners who fell behind on their payments.

Okay now that we understand that. What can be done if the mortgage stress or distress is to much for you?
There are many reasons that contribute to additional mortgage distress.

• Job loss
• Business failure
• Mortgage payment increase or adjustment
• Divorce or death of a spouse
• Illness
• Relocation
• Reduced income

Solutions for mortgage stress or mortgage distress? Yes there is. The Homeowners Relief Program by Homeowners Relief Options Inc.